The Greek government has had enough of the delays, and has released its own statement, reports Helena Smith in Athens. And crucially, it reads,

“At this euro group there has been no agreement.”

“An extension of the memorandum cannot be accepted. Negotiations will continue with the goal [of achieving[ a mutually beneficial agreement.”

The statement added that the Greek side had put forward well-founded arguments as to why the bailout accord had failed, enlightening listeners on Greece’s problems of public debt and the humanitarian crisis it has also suffered.

EUROGROUP SOURCE TELLS REUTERS NO “DEAL” YET WITH GREECE, MAY BE AN AGREEMENT TO EXPLORE POSSIBILITY OF EXTENDING BAILOUT PROGRAMME

SECOND EUROGROUP SOURCE SAYS GREECE AGREES IN PRINCIPLE TO MEET ITS FINANCIAL OBLIGATIONS IN DRAFT COMMON STATEMENT

GREEK GOVT OFFICIAL SAYS NO AGREEMENT IN EUROGROUP, GREECE WILL NOT ACCEPT AN EXTENSION OF CURRENT BAILOUT

And stocks and EURUSD give back almost nothing…FOMO!!

* * *

And so it begins… 1am local time and we get ‘unidentified sources’ stating that:

*GREECE AGREEMENT `IN PRINCIPLE’ REACHED, CNBC REPORTS

*GREECE WILL STAY IN EU BAILOUT PROGRAM, CNBC REPORTS

*DETAILS OF GREECE DEAL UNCLEAR, CNBC REPORTS

Stocks futures and EURUSD are surging on it but we suspect – given the timing – that there is no detail yet and this is nothing but a blanket statement of effort for compromise to calm Greek bank stocks for the week as they reach ELA limits.

*GREECE, EUROPE SAID TO MOVE TOWARD BAILOUT EXTENSION

*GREECE, EURO AREA DISCUSSING LANGUAGE ON BAILOUT EXTENSION

It appears the “deal” of an agreement “in principle” means that if Greece folds and succumbs [original word: satocks? ] to Germany’s program demands then The EU will allow them to stay in and fund them… LMFAO!!

The knee jerk reaction…

We can’t help but suspect this is about rallying Greek banks for the next few days to avoid being forced into a rapid decision ahead of the final statement next Monday: